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PPC Greece posts a 41% increase in adjusted annual core profit

PPC Greece posts a 41% increase in adjusted annual core profit

Public Power Corporation, Greece's largest electric power utility, reported on Wednesday an increase of 41% in adjusted core profit for the full year, driven by increased contributions from domestic operations and consolidation of operations throughout Romania.

In 2024, the group's adjusted earnings (EBITDA), which includes interest, taxes, depreciation and amortization, reached 1.8 billion euro ($1.94 billion), up from 1.3 billion euro a year before.

PPC stated that it would invest 3 billion euros by 2024. 85% of this money will be allocated to renewable energy sources and flexible generation.

The group has reduced lignite production to 15% in order to achieve its goal of becoming lignite free by 2026.

It said it would propose a dividend per share of 0.40 euro for 2024. This is a 60% rise from 2023.

PPC has reaffirmed their 2025 goals, which include an adjusted EBITDA target of 2 billion euro, a net profit adjusted post minorities of over 0.4 billion euro, and a dividend per share of 0.60 Euros, representing a 140% rise from 2023.

(source: Reuters)